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12/12/14
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Rexford Industrial Realty Inc recently wrapped up the acquisition of a five-property industrial portfolio in Ventura County. The properties, containing a combined 408.2k sf of space, sold for $38.7 mil, or approximately $95/sf. The acquisition was funded with the company’s credit facility.
“We are pleased to announce the acquisition of this high quality portfolio within the attractive Oxnard sub-market, the largest industrial market in Ventura County, California, where Rexford has a successful track record of operating and adding value to industrial properties,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “At 93% overall occupancy, this investment combines the benefits of stable cash flow from the highest-quality product in the sub-market with the opportunity to increase cash flow and operating margins going forward by instituting Rexford’s proactive, professional asset management program.”
The portfolio was acquired at substantially below replacement cost and includes five projects comprising 16 multi-tenant buildings spread across 28.4 acres. The portfolio was purchased from a private foundation liquidating its real estate. Collectively, the five properties contain 98 tenant spaces, with a majority of the units ranging between 2k sf to 6k sf, with many of the spaces featuring dock-high loading, a rarity for units of these sizes within the Southern California market.
According to CBRE, the vacancy rate in the 62.5 msf Ventura sub-market stood at 4.8% at the end of the third quarter of 2014.
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